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355.8-115 Securities intermediary and others not liable to adverse claimant.
A securities intermediary that has transferred a financial asset pursuant to an effective <br>entitlement order, or a broker or other agent or bailee that has dealt with a financial asset <br>at the direction of its customer or principal, is not liable to a person having an adverse <br>claim to the financial asset, unless the securities intermediary, or broker or other agent or <br>bailee: <br>(1) Took the action after it had been served with an injunction, restraining order, or
other legal process enjoining it from doing so, issued by a court of competent <br>jurisdiction, and had a reasonable opportunity to act on the injunction, restraining <br>order, or other legal process; or
(2) Acted in collusion with the wrongdoer in violating the rights of the adverse
claimant; or
(3) In the case of a security certificate that has been stolen, acted with notice of the
adverse claim.
Effective: January 1, 1997 <br>History: Created 1996 Ky. Acts ch. 130, sec. 128, effective January 1, 1997.
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